Exhibit 99.1
ORTHOFIX INTERNATIONAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, U.S. Dollars, in thousands, except per share and share data)
| | Q1 2012 | | Q1 2011 | |
| | | | Disc Ops | | Disc Ops | | | | Disc Ops | | Disc Ops | |
| | As Reported | | Reclass | | Presentation | | As Reported | | Reclass | | Presentation | |
| | | | | | | | | | | | | |
Net sales | | $ | 143,141 | | $ | (27,100 | ) | $ | 116,041 | | $ | 139,165 | | $ | (26,065 | ) | $ | 113,100 | |
Cost of sales | | 32,882 | | (10,941 | ) | 21,941 | | 33,361 | | (11,010 | ) | 22,351 | |
Gross profit | | 110,259 | | (16,159 | ) | 94,100 | | 105,804 | | (15,055 | ) | 90,749 | |
| | | | | | | | | | | | | |
Operating expenses | | | | | | | | | | | | | |
Sales and marketing | | 58,280 | | (8,759 | ) | 49,521 | | 55,598 | | (8,159 | ) | 47,439 | |
General and administrative | | 20,943 | | (6,374 | ) | 14,569 | | 22,960 | | (4,152 | ) | 18,808 | |
Research and development | | 7,745 | | (693 | ) | 7,052 | | 6,052 | | (608 | ) | 5,444 | |
Amortization of intangible assets | | 1,247 | | (718 | ) | 529 | | 1,255 | | (707 | ) | 548 | |
Charges related to U.S. Government resolutions | | — | | — | | — | | 46,000 | | — | | 46,000 | |
| | 88,215 | | (16,544 | ) | 71,671 | | 131,865 | | (13,626 | ) | 118,239 | |
| | | | | | | | | | | | | |
Operating (loss) income | | 22,044 | | 385 | | 22,429 | | (26,061 | ) | (1,429 | ) | (27,490 | ) |
| | | | | | | | | | | | | |
Other income and expense | | | | | | | | | | | | | |
Interest expense, net | | (2,225 | ) | 4 | | (2,221 | ) | (2,416 | ) | — | | (2,416 | ) |
Other (expense) income, net | | (746 | ) | 118 | | (628 | ) | (1,073 | ) | (36 | ) | (1,109 | ) |
| | | | | | | | | | | | | |
Other expense, net | | (2,971 | ) | 122 | | (2,849 | ) | (3,489 | ) | (36 | ) | (3,525 | ) |
Income before income taxes | | 19,073 | | 507 | | 19,580 | | (29,550 | ) | (1,465 | ) | (31,015 | ) |
Income tax expense | | (7,057 | ) | (193 | ) | (7,250 | ) | (6,251 | ) | 557 | | (5,694 | ) |
Net income (loss) from continuing operations, net of tax | | 12,016 | | 314 | | 12,330 | | (35,801 | ) | (908 | ) | (36,709 | ) |
| | | | | | | | | | | | | |
Discontinued operations | | | | | | | | | | | | | |
Income (loss) from discontinued operations | | — | | (507 | ) | (507 | ) | — | | 1,465 | | 1,465 | |
Income tax expense (1) | | — | | 193 | | 193 | | — | | (557 | ) | (557 | ) |
Net income (loss) from discontinued operations, net of tax | | — | | (314 | ) | (314 | ) | — | | 908 | | 908 | |
Net income (loss) | | $ | 12,016 | | $ | — | | $ | 12,016 | | $ | (35,801 | ) | $ | — | | $ | (35,801 | ) |
| | | | | | | | | | | | | |
Net income (loss) per common share - basic | | | | | | | | | | | | | |
Net income (loss) from continuing operations, net of tax | | $ | 0.64 | | | | $ | 0.66 | | $ | (2.00 | ) | | | $ | (2.05 | ) |
Net income (loss) from discontinued operations, net of tax | | — | | | | (0.02 | ) | — | | | | 0.05 | |
Net income (loss) per common share - basic | | $ | 0.64 | | | | $ | 0.64 | | $ | (2.00 | ) | | | $ | (2.00 | ) |
| | | | | | | | | | | | | |
Net income (loss) per common share - diluted | | | | | | | | | | | | | |
Net income (loss) from continuing operations, net of tax | | $ | 0.63 | | | | $ | 0.65 | | $ | (2.00 | ) | | | $ | (2.05 | ) |
Net income (loss) from discontinued operations, net of tax | | — | | | | (0.02 | ) | — | | | | 0.05 | |
Net income (loss) per common share - diluted | | $ | 0.63 | | | | $ | 0.63 | | $ | (2.00 | ) | | | $ | (2.00 | ) |
| | | | | | | | | | | | | |
Weighted average number of common shares outstanding - basic | | 18,675,694 | | | | 18,675,694 | | 17,937,280 | | | | 17,937,280 | |
| | | | | | | | | | | | | |
Weighted average number of common shares outstanding - diluted | | 19,116,195 | | | | 19,116,195 | | 17,937,280 | | | | 17,937,280 | |
Note: Some calculations may be impacted by rounding.
(1) Income tax expense on discontinued operations is reflected at a rate of 38%
ORTHOFIX INTERNATIONAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, U.S. Dollars, in thousands, except per share and share data)
| | Q2 2011 | | Q3 2011 | |
| | | | Disc Ops | | Disc Ops | | | | Disc Ops | | Disc Ops | |
| | As Reported | | Reclass | | Presentation | | As Reported | | Reclass | | Presentation | |
| | | | | | | | | | | | | |
Net sales | | $ | 143,551 | | $ | (26,872 | ) | $ | 116,679 | | $ | 144,747 | | $ | (27,435 | ) | $ | 117,312 | |
Cost of sales | | 34,693 | | (11,585 | ) | 23,108 | | 36,029 | | (12,219 | ) | 23,810 | |
Gross profit | | 108,858 | | (15,287 | ) | 93,571 | | 108,718 | | (15,216 | ) | 93,502 | |
| | | | | | | | | | | | | |
Operating expenses | | | | | | | | | | | | | |
Sales and marketing | | 58,199 | | (8,169 | ) | 50,030 | | 57,615 | | (8,222 | ) | 49,393 | |
General and administrative | | 23,949 | | (6,593 | ) | 17,356 | | 20,214 | | (6,226 | ) | 13,988 | |
Research and development | | 6,766 | | (534 | ) | 6,232 | | 6,555 | | (572 | ) | 5,983 | |
Amortization of intangible assets | | 1,373 | | (819 | ) | 554 | | 1,319 | | (782 | ) | 537 | |
Charges related to U.S. Government resolutions | | — | | — | | — | | — | | — | | — | |
| | 90,287 | | (16,115 | ) | 74,172 | | 85,703 | | (15,802 | ) | 69,901 | |
| | | | | | | | | | | | | |
Operating (loss) income | | 18,571 | | 828 | | 19,399 | | 23,015 | | 586 | | 23,601 | |
| | | | | | | | | | | | | |
Other income and expense | | | | | | | | | | | | | |
Interest expense, net | | (2,198 | ) | — | | (2,198 | ) | (2,267 | ) | — | | (2,267 | ) |
Other (expense) income, net | | (312 | ) | (30 | ) | (342 | ) | (368 | ) | (31 | ) | (399 | ) |
| | | | | | | | | | | | | |
Other expense, net | | (2,510 | ) | (30 | ) | (2,540 | ) | (2,635 | ) | (31 | ) | (2,666 | ) |
Income before income taxes | | 16,061 | | 798 | | 16,859 | | 20,380 | | 555 | | 20,935 | |
Income tax expense | | (6,103 | ) | (303 | ) | (6,406 | ) | (8,002 | ) | (211 | ) | (8,213 | ) |
Net income (loss) from continuing operations, net of tax | | 9,958 | | 495 | | 10,453 | | 12,378 | | 344 | | 12,722 | |
| | | | | | | | | | | | | |
Discontinued operations | | | | | | | | | | | | | |
Income (loss) from discontinued operations | | — | | (798 | ) | (798 | ) | — | | (555 | ) | (555 | ) |
Income tax expense (1) | | — | | 303 | | 303 | | — | | 211 | | 211 | |
Net income (loss) from discontinued operations, net of tax | | — | | (495 | ) | (495 | ) | — | | (344 | ) | (344 | ) |
Net income (loss) | | $ | 9,958 | | $ | — | | $ | 9,958 | | $ | 12,378 | | $ | — | | $ | 12,378 | |
| | | | | | | | | | | | | |
Net income (loss) per common share - basic | | | | | | | | | | | | | |
Net income (loss) from continuing operations, net of tax | | $ | 0.55 | | | | $ | 0.58 | | $ | 0.67 | | | | $ | 0.69 | |
Net income (loss) from discontinued operations, net of tax | | — | | | | (0.03 | ) | — | | | | (0.02 | ) |
Net income (loss) per common share - basic | | $ | 0.55 | | | | $ | 0.55 | | $ | 0.67 | | | | $ | 0.67 | |
| | | | | | | | | | | | | |
Net income (loss) per common share - diluted | | | | | | | | | | | | | |
Net income (loss) from continuing operations, net of tax | | $ | 0.54 | | | | $ | 0.56 | | $ | 0.66 | | | | $ | 0.67 | |
Net income (loss) from discontinued operations, net of tax | | — | | | | $ | (0.02 | ) | — | | | | $ | (0.01 | ) |
Net income (loss) per common share - diluted | | $ | 0.54 | | | | $ | 0.54 | | $ | 0.66 | | | | $ | 0.66 | |
| | | | | | | | | | | | | |
Weighted average number of common shares outstanding - basic | | 18,110,607 | | | | 18,110,607 | | 18,384,451 | | | | 18,384,451 | |
| | | | | | | | | | | | | |
Weighted average number of common shares outstanding - diluted | | 18,541,220 | | | | 18,541,220 | | 18,850,625 | | | | 18,850,625 | |
Note: Some calculations may be impacted by rounding.
(1) Income tax expense on discontinued operations is reflected at a rate of 38%
ORTHOFIX INTERNATIONAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, U.S. Dollars, in thousands, except per share and share data)
| | Q4 2011 | | FY 2011 | |
| | | | Disc Ops | | Disc Ops | | | | Disc Ops | | Disc Ops | |
| | As Reported | | Reclass | | Presentation | | As Reported | | Reclass | | Presentation | |
| | | | | | | | | | | | | |
Net sales | | $ | 151,526 | | $ | (28,434 | ) | $ | 123,092 | | $ | 578,988 | | $ | (108,803 | ) | $ | 470,185 | |
Cost of sales | | 35,104 | | (11,894 | ) | 23,210 | | 139,186 | | (46,539 | ) | 92,647 | |
Gross profit | | 116,422 | | (16,540 | ) | 99,882 | | 439,802 | | (62,264 | ) | 377,538 | |
| | | | | | | | | | | | | |
Operating expenses | | | | | | | | | | | | | |
Sales and marketing | | 62,197 | | (8,778 | ) | 53,419 | | 233,609 | | (33,464 | ) | 200,145 | |
General and administrative | | 19,345 | | (5,124 | ) | 14,221 | | 86,468 | | (22,116 | ) | 64,352 | |
Research and development | | 5,774 | | (566 | ) | 5,208 | | 25,148 | | (2,286 | ) | 22,862 | |
Amortization of intangible assets | | 1,648 | | (939 | ) | 709 | | 5,595 | | (3,245 | ) | 2,350 | |
Charges related to U.S. Government resolutions | | 10,463 | | — | | 10,463 | | 56,463 | | — | | 56,463 | |
| | 99,427 | | (15,407 | ) | 84,020 | | 407,283 | | (61,111 | ) | 346,172 | |
| | | | | | | | | | | | | |
Operating (loss) income | | 16,995 | | (1,133 | ) | 15,862 | | 32,519 | | (1,153 | ) | 31,366 | |
| | | | | | | | | | | | | |
Other income and expense | | | | | | | | | | | | | |
Interest expense, net | | (2,583 | ) | 6 | | (2,577 | ) | (9,463 | ) | 6 | | $ | (9,457 | ) |
Other (expense) income, net | | (599 | ) | 38 | | (561 | ) | (2,353 | ) | (60 | ) | (2,413 | ) |
| | | | | | | | | | | | | |
Other expense, net | | (3,182 | ) | 44 | | (3,138 | ) | (11,816 | ) | (54 | ) | (11,870 | ) |
Income before income taxes | | 13,813 | | (1,089 | ) | 12,724 | | 20,703 | | (1,207 | ) | 19,496 | |
Income tax expense | | (1,421 | ) | 414 | | (1,007 | ) | (21,776 | ) | 459 | | $ | (21,317 | ) |
Net income (loss) from continuing operations, net of tax | | 12,392 | | (675 | ) | 11,717 | | (1,073 | ) | (748 | ) | (1,821 | ) |
| | | | | | | | | | | | | |
Discontinued operations | | | | | | | | | | | | | |
Income (loss) from discontinued operations | | — | | 1,089 | | 1,089 | | — | | 1,207 | | 1,207 | |
Income tax expense (1) | | — | | (414 | ) | (414 | ) | — | | (459 | ) | (459 | ) |
Net income (loss) from discontinued operations, net of tax | | — | | 675 | | 675 | | — | | 748 | | 748 | |
Net income (loss) | | $ | 12,392 | | $ | — | | $ | 12,392 | | $ | (1,073 | ) | $ | — | | $ | (1,073 | ) |
| | | | | | | | | | | | | |
Net income (loss) per common share - basic | | | | | | | | | | | | | |
Net income (loss) from continuing operations, net of tax | | $ | 0.67 | | | | $ | 0.64 | | $ | (0.06 | ) | | | $ | (0.10 | ) |
Net income (loss) from discontinued operations, net of tax | | — | | | | $ | 0.03 | | — | | | | 0.04 | |
Net income (loss) per common share - basic | | $ | 0.67 | | | | $ | 0.67 | | $ | (0.06 | ) | | | $ | (0.06 | ) |
| | | | | | | | | | | | | |
Net income (loss) per common share - diluted | | | | | | | | | | | | | |
Net income (loss) from continuing operations, net of tax | | $ | 0.66 | | | | $ | 0.62 | | $ | (0.06 | ) | | | $ | (0.10 | ) |
Net income (loss) from discontinued operations, net of tax | | — | | | | $ | 0.04 | | — | | | | 0.04 | |
Net income (loss) per common share - diluted | | $ | 0.66 | | | | $ | 0.66 | | $ | (0.06 | ) | | | $ | (0.06 | ) |
| | | | | | | | | | | | | |
Weighted average number of common shares outstanding - basic | | 18,436,756 | | | | 18,436,756 | | 18,219,343 | | | | 18,219,343 | |
| | | | | | | | | | | | | |
Weighted average number of common shares outstanding - diluted | | 18,739,623 | | | | 18,739,623 | | 18,219,343 | | | | 18,219,343 | |
Note: Some calculations may be impacted by rounding.
(1) Income tax expense on discontinued operations is reflected at a rate of 38%
